I am looking at a two maisonettes in Stanmore both have about fifty years remaining on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena

What advice can you give us when it comes to choosing a Stanmore conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Stanmore conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Stanmore conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• Can they put you in touch with client in Stanmore who can give a testimonial?
• What are the legal fees for lease extension conveyancing?

Do you have any advice for leasehold conveyancing in Stanmore with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Stanmore can be reduced if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
• The majority landlords or Management Companies in Stanmore charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Stanmore.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Stanmore state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you dont have the approvals to hand you should not contact the landlord without checking with your solicitor in advance.
• Some Stanmore leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Organising a replacement share certificate is often a lengthy process and frustrates many a Stanmore conveyancing transaction. If a new share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

Completion in due on our sale of a £ 175000 garden flat in Stanmore next Tuesday . The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Stanmore?

Stanmore conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to sell the property.

I have had difficulty in trying to purchase the freehold in Stanmore. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the price payable.

An example of a Lease Extension decision for a Stanmore premises is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The unexpired term was 70.25 years.

When it comes to leasehold conveyancing in Stanmore what are the most frequent lease defects?

Leasehold conveyancing in Stanmore is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

Stanmore Leasehold Conveyancing - Sample of Queries Prior to Purchasing

Are any of leasehold owners in arrears of their service charge liability?